Robert P. Otto - 31 Aug 2021 Form 4 Insider Report for BLACK HILLS CORP /SD/ (BKH)

Role: Director
Signature: /s/Lorna J. Gunderman
Issuer symbol: BKH
Transactions as of: 31 Aug 2021
Net transactions value: +$32,212
Form type: 4
Filing time: 02 Sep 2021, 16:03:59 UTC
Previous filing: 01 Jun 2021
Next filing: 02 Dec 2021
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BKH	Common Stock	Discretionary transaction in accordance with Rule 16b-3(f) resulting in acquisition or disposition of issuer securities	$1,634	+23	+0.79%	$71.26	2,914	01 Sep 2021	Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	BKH	Phantom Stock Unit	Award	$26,250	+373	+5.1%	$70.33	7,661	31 Aug 2021	Common Stock	373		By Trust	F1, F2, F3
transaction	BKH	Phantom Stock Unit	Award	$4,329	+61	+0.79%	$71.26	7,722	01 Sep 2021	Common Stock	61		By Trust	F1, F2, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	1 for 1 conversion ratio
F2	Derivative security is exercisable upon retirement under terms of the agreement.
F3	Derivative security expires upon retirement under terms of the agreement.